Category: Industry
Toll Expressway
May 02, 2008 (LBO) – The highway from the Sri Lankan capital Colombo to hill country town of Kandy will be developed into a toll expressway at a cost of 30 billion by a Malaysian contractor, a senior government official said Friday.“We have an offer from Malaysia, a consultancy firm, and they have prepared their […]
‘s Murali plans to teach magic to young spinners
April 30, 2008 (AFP) – Record-breaking Sri Lankan bowler Muttiah Muralitharan said Wednesday he plans to team up with Indian counterpart Anil Kumble to coach spinners when he retires from international cricket.“I will do a little bit for the game, not for money but for enjoyment,” Muralitharan told the Mumbai-based Daily News and Analysis newspaper. […]
Sri Lankan Airlines to give cut price tickets to state workers
April 30, 2008 (LBO) – Sri Lankan Airlines is giving a 25 percent discount for state-workers and their families who go abroad, the state-run national carrier said “This offer is valid year round for government servants, their spouses and dependent children under 21 years of age,” the airline said in a statement. Sri Lankan Airlines […]
Record Numbers
April 30, 2008 (LBO) – Sri Lanka’s inflation hit an all-time high of 25.0 percent in the 12-months to April 2008 on a new index to measure consumer prices in Colombo, while an older index showed an increase of 29.9 percent, the government’s statistics office said. . The new Colombo Consumer Price Index (CCPI-N) grew […]
Energy Projects
April 29, 2008 (AFP) – Iranian President Mahmoud Ahmadinejad on Tuesday launched a 1.2-billion-dollar project largely funded by Tehran to upgrade Sri Lanka’s sole oil refinery, officials said. Ahmadinejad and Sri Lankan President Mahinda Rajapakse planted an ebony sapling to launch work at the Sapugaskande refinery, just outside the capital Colombo. The four-year upgrade will […]
Solvency Tests
April 28, 2008 (LBO) – Sri Lankan finance companies should reduce maturity mis-matches between their assets and liabilities an official said. When interest rates go up the value of fixed rate assets come down, said Naomal Goonewardena, partner, Nithya Partners. He was speaking on the legal responsibilities of directors of finance firms at a seminar […]
May Day
April 29, 2008 (LBO) – Sri Lanka’s main private sector retirement fund has made billions real losses in in 2007 as the state used the monetary system to inflate away debt at the expense of the private sector workers in the country, the latest data shows. The Wall Street Journal this week slammed the Fed […]
Sri Lanka exporters say govt giving wrong signals on EU trade
April 28, 2008 (LBO) – A dispute over Sri Lanka’s duty free access to key European markets has snowballed into a political hot potato with exporters alarmed that remarks by the country’s central bank governor could prompt buyers to look elsewhere. Governor Ajith Nivard Cabraal’s comment that market access under the GSP+ scheme was a […]
Sri Lankan garments get easier access to India
April 28, 2008 (LBO) – India has lifted a rule that required three million pieces of Sri Lankan garments allowed duty to free to India to be made from Indian fabric and also lifted entry port restrictions, the Commerce Department said. . Another five million pieces of garments would be allowed in duty free or […]
Sri Lanka power supply fails
April 28, 2008 (LBO) – Sri Lanka was plunged in darkness shortly after nightfall Monday as the power grid operated by state-run Ceylon Electricity Board (CEB) failed for the third time this year. Pulleperuma said the cause for the failure would be investigated later. CEB General Manager Ranjith Pulleperuma said power had failed to most […]
‘s ABC Insurance goes rural
April 26, 2008 (LBO) – Sri Lanka’s ABC Insurance Company says its premiums rose 300 percent to 129 million rupees in the year to March 2008, following the company’s drive to push insurance to rural areas especially among the fishing community. ABC Insurance Company which was established nearly three years ago saw its premiums from […]
Sri Lanka rabies puppy in British quarantine bites three
LONDON, April 26, 2008 (AFP) – Three people were bitten by a rabies-infected puppy dog in British quarantine, a Health Protection Agency (HPA) spokeswoman said Saturday. The Department for Environment, Food and Rural Affairs announced that a case of rabies had been confirmed in the puppy. The dog was in quarantine after being brought into […]